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Applera to Buy $600M of ABI Shares from Morgan Stanley

Applera said today that it has signed an agreement to acquire $600 million worth of Applied Biosystems common stock from investment bank Morgan Stanley.
 
The accelerated purchase is part of Applera’s previously announced plans to buy back $1.2 billion worth of ABI shares over the next four to six quarters.
 
The number of shares repurchased is subject to a minimum and maximum based on the volume-weighted average daily price of ABI’s shares over the next approximately seven and a half months. The minimum number of shares will be delivered to the firm within roughly six weeks. Any additional shares will be delivered to Applera over the following six months.
 
The purchase is expected to dilute ABI earnings per share for the first quarter by approximately $.01. However, it is expected to be accretive to ABI’s EPS for all of fiscal 2008, said Applera.
 
Applera announced the share repurchase program in early August. On that same day, the firm said it had hired Morgan Stanley to advise the company as it considers restructuring its ABI and Celera groups, which are currently traded as tracking stocks under the parent firm.
 

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